Certificate of Registration of Jaisal Securities Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Jaisal Securities Limited, which had its registered office in Chennai, under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Jaisal Securities Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason is that the company had opted to exit from the business of a non-banking financial institution. As a result of the cancellation, the company is no longer permitted to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a severity 5 licensing action because it removes the entity’s authorization to operate as an NBFC.
Jaisal Securities Limited loses its RBI registration and cannot conduct non-banking financial institution business going forward. The effect is permanent unless a fresh authorization is obtained through the applicable legal process. The action directly affects the company and any customers or counterparties dealing with it as an NBFC.
Published as Jaisal Securities Limited
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